Southeast Asia’s biggest exits

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Hello reader,

Back in 2020, I was chatting with a VC about the development of Southeast Asia’s startup scene, and he mentioned that the lack of exits in the region was something that could potentially hold it back.

Now, things have changed. We’ve seen several of the region’s tech giants, like Grab and Bukalapak, make their public market debuts over the last year. PropertyGuru started trading in New York in March, and GoTo Group – the joint Gojek-Tokopedia entity – has just listed on the Indonesian Stock Exchange (IDX). This doesn’t even take into account the other roads to an exit that are available to startups, such as mergers and acquisitions.

All of this is a sign that Southeast Asia’s startup ecosystem is maturing. The companies that paved the way are moving on to the next stage, and it’s marking a new era for the region’s tech companies.

Today, we look at:

• The biggest exits in Southeast Asia
• How GoTo’s public market debut kicked off
• Other newsy highlights such as Tiket’s pre-IPO merger plans and China’s regulation of internet giants’ algorithms

Premium summary

Mark the exit

Image credit: Timmy Loen

Exits are a mark of a healthy startup ecosystem, and Southeast Asia has seen a fair number over the last few years. We take a closer look at some of the region’s largest exits.

• The big B: At the top of our list right now sits Indonesian ecommerce firm Bukalapak, which went public in 2021. The firm raised US$1.5 billion from the listing – the largest on record for Indonesia.

• Another B: Social media app Bigo, which focuses on livestreaming and short-form content, comes in second. The firm was acquired in 2019 by Chinese social network YY for over US$1.4 billion.

• This time, it starts with an L: Ecommerce major Lazada sits in third place, having been acquired by Chinese tech giant Alibaba for US$1 billion in 2016.

Read more: 20 largest exits in SEA

Let’s go, GoTo!

Quick bytes